Hormel Foods Co. (NYSE:HRL) Stock Position Lowered by Intech Investment Management LLC

Intech Investment Management LLC lowered its position in shares of Hormel Foods Co. (NYSE:HRL) by 10.5% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 176,965 shares of the company’s stock after selling 20,688 shares during the quarter. Intech Investment Management LLC’s holdings in Hormel Foods were worth $5,610,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Sumitomo Mitsui Trust Group Inc. boosted its holdings in Hormel Foods by 4.4% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 818,417 shares of the company’s stock worth $25,944,000 after buying an additional 34,589 shares in the last quarter. Grandfield & Dodd LLC raised its holdings in Hormel Foods by 2.9% during the 3rd quarter. Grandfield & Dodd LLC now owns 924,365 shares of the company’s stock worth $29,302,000 after buying an additional 26,390 shares during the period. Canada Pension Plan Investment Board lifted its stake in Hormel Foods by 26.2% during the second quarter. Canada Pension Plan Investment Board now owns 735,246 shares of the company’s stock valued at $22,418,000 after buying an additional 152,800 shares in the last quarter. Appian Way Asset Management LP purchased a new position in shares of Hormel Foods in the second quarter worth approximately $11,811,000. Finally, Truist Financial Corp lifted its position in shares of Hormel Foods by 110.8% in the 2nd quarter. Truist Financial Corp now owns 37,228 shares of the company’s stock valued at $1,135,000 after acquiring an additional 19,571 shares in the last quarter. 40.99% of the stock is owned by institutional investors and hedge funds.

Hormel Foods Stock Performance

Shares of HRL stock opened at $30.67 on Friday. Hormel Foods Co. has a fifty-two week low of $28.51 and a fifty-two week high of $36.86. The stock’s 50-day moving average is $31.05 and its two-hundred day moving average is $31.76. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.29 and a quick ratio of 1.03. The firm has a market cap of $16.82 billion, a P/E ratio of 21.60, a PEG ratio of 3.15 and a beta of 0.26.

Hormel Foods (NYSE:HRL) last issued its quarterly earnings data on Wednesday, September 4th. The company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.01. The firm had revenue of $2.90 billion for the quarter, compared to analyst estimates of $2.95 billion. Hormel Foods had a net margin of 6.52% and a return on equity of 11.03%. The company’s revenue for the quarter was down 2.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.40 earnings per share. Analysts predict that Hormel Foods Co. will post 1.58 earnings per share for the current fiscal year.

Hormel Foods Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Tuesday, October 15th were issued a $0.282 dividend. This represents a $1.13 dividend on an annualized basis and a yield of 3.68%. The ex-dividend date of this dividend was Tuesday, October 15th. Hormel Foods’s dividend payout ratio is presently 79.58%.

Analyst Ratings Changes

Several research firms have weighed in on HRL. BNP Paribas initiated coverage on shares of Hormel Foods in a research report on Monday, October 21st. They set an “underperform” rating and a $28.00 price objective on the stock. Citigroup dropped their price target on Hormel Foods from $36.00 to $35.00 and set a “buy” rating on the stock in a research report on Tuesday. Finally, Stephens began coverage on Hormel Foods in a research report on Thursday, October 3rd. They set an “equal weight” rating and a $31.00 price objective for the company. Two research analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $31.29.

Insider Buying and Selling at Hormel Foods

In related news, SVP Kevin L. Myers sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $32.70, for a total value of $327,000.00. Following the transaction, the senior vice president now directly owns 39,050 shares of the company’s stock, valued at approximately $1,276,935. This trade represents a 20.39 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Deanna T. Brady sold 51,600 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $31.95, for a total value of $1,648,620.00. Following the sale, the executive vice president now directly owns 72,421 shares of the company’s stock, valued at $2,313,850.95. The trade was a 41.61 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 71,400 shares of company stock worth $2,288,338 over the last three months. Corporate insiders own 0.69% of the company’s stock.

About Hormel Foods

Hormel Foods Corporation develops, processes, and distributes various meat, nuts, and other food products to retail, foodservice, deli, and commercial customers in the United States and internationally. It operates through three segments: Retail, Foodservice, and International segments. The company provides various perishable products that include fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamoles, and bacons; and shelf-stable products comprising canned luncheon meats, nut butters, snack nuts, chili, shelf-stable microwaveable meals, hash, stews, tortillas, salsas, tortilla chips, nutritional food supplements, and others.